William K. Black

 

Recent Posts by William K. Black

  • A Thanksgiving Message on Family, Country & The Good Fight

    Nov 24, 2010William K. Black

    flag-150What can progressives be thankful for this year?A lot, says Bill Black.

    flag-150What can progressives be thankful for this year?A lot, says Bill Black.

    This Thanksgiving, progressives should be thankful for the same things everyone else should be thankful for: most of us were raised by loving parents who sacrificed for us and taught us by their words and actions the values that have made America great. Many of us have wonderful spouses and children. In the process of raising our children we learned even more about how much we should appreciate our parents -- and we experienced the joy they received from the care we provided. I am thankful first and foremost for my family.

    I am personally thankful to the scientists that developed treatments for pneumonia and the doctors and nurses that provided the treatments. I suffered from pneumonia three times in my youth and had I been born a decade earlier I would have died as a child. I am grateful to my teachers, who recognized and cultivated a love of learning in their students. I am grateful to Social Security, which made it possible for our family to avoid economic disaster when my father died of a second heart attack when he was 41. (The moderately successful governmental effort against cigarettes came too late to save him.) The Social Security survivors' benefits prevented my mother (and we three kids) from losing the home and allowed me to go on to college and post-graduate education.

    I am grateful to a nation in which I could be a serial whistle blower exposing the misconduct of two presidential employees, the Speaker of the House James Wright, and the "Keating Five" -- and survive. I became the target of Charles Keating and Speaker Wright, and they made considerable efforts to get me fired and destroy me. In any other nation they would have succeeded. Instead, two presidential appointees resigned in disgrace, Speaker Wright resigned in disgrace, and the Keating Five were at least embarrassed. I am grateful for my colleagues who contained the S&L debacle before it became an economic catastrophe in the face of immense political pressure and the destruction or crippling of their careers. To this day, I do not know the political affiliation, if any, of my three regulatory colleagues at the Keating Five meeting -- and I worked with them for years. Party was irrelevant to us. We simply detested the frauds and their political patrons and believed in our nation and in our oath of office. I am grateful to my friends and to my (past and present) colleagues.

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    While my effective colleagues and I are no longer employable as regulators (and that is sad, for I believe that we have much to offer the nation based on our experience), the University of Missouri-Kansas City was happy to grant me tenure. I am grateful that we live in a nation that values academic freedom.

    Progressive values are age-old values that have made the world a far better place. We simply draw on the Wisdom of the Ancients:

    If I am not for me, who will be?
    If I am only for me, who am I?
    And if not now, when?

    I am grateful to the Ancients, who faced a vastly crueler world and recognized that the key was for each of us to try to repair it, and whose advice has led generations to make those repairs rather than accepting cruelty, greed, exploitation, and indifference as the natural state. I am thankful for all who came before and worked to make things better.

    William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist and was a senior financial regulator. He is the author of The Best Way to Rob a Bank is to Own One.

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  • Capitalism Would have Killed the Chilean Miners: a Reply to Mr. Henninger

    Oct 15, 2010William K. Black

    man-on-money-150Corporate greed trapped the miners. The public sector rescued them.

    man-on-money-150Corporate greed trapped the miners. The public sector rescued them.

    One of our family sayings is: "you can't compete with self-parody. Daniel Henninger is the most recent proof of this saying. He authored a column on October 14, 2010 entitled "Capitalism Saved the Miners." Mr. Henninger is an editorial writer/editor for the Wall Street Journal. His essay, of course, was designed to attack President Obama. Mr. Henninger wrote that the rescue of the Chilean miners reflected badly on President Obama's criticism of Republican candidates' views about markets:

    "The basic idea is that if we put our blind faith in the market and we let corporations do whatever they want and we leave everybody else to fend for themselves, then America somehow automatically is going to grow and prosper."

    Henninger's responded to this quotation from the President:

    "Uh, yeah. That's a caricature of the basic idea, but basically that's right. Ask the miners.

    If those miners had been trapped a half-mile down like this 25 years ago anywhere on earth, they would be dead. What ... meant the difference between life and death for those men?

    Short answer: the Center Rock drill bit.

    Longer answer: The Center Rock drill [was] developed by a small company in it for the money, for profit. That's why they innovated down-the-hole hammer drilling. If they make money, they can do more innovation.

    This profit = innovation dynamic was everywhere at that Chilean mine.

    Well, not really. Let's begin with why the miners needed to be saved. They needed to be saved because the private mine they worked for appears to have been a "control fraud."

    In a control fraud the person controlling a seemingly legitimate entity uses it as a "weapon." Our ongoing financial crisis was driven by an epidemic of accounting control fraud, which caused the housing and commercial real estate bubbles to hyper-inflate. Accounting control frauds target creditors and shareholders as their primary victims. Anti-purchaser control frauds maximize profits by defrauding purchasers about quality and/or quantity in order to gain a competitive advantage over honest sellers. George Akerlof described this form of control fraud in his famous 1970 article on "lemons." Anti-purchaser control frauds can maim or kill their victims, e.g., Chinese infant formula frauds. The worst anti-employee control frauds increase profits by avoiding costs that would protect workers from being maimed and killed. Illegal, private Chinese coal mines are the infamous example of this type of control fraud.

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    We know that the Chilean mine was private, that it had a bad safety record, and that it has been ordered to shut down permanently. The BBC reports that the (strongly conservative) President Pinera promised the people of Chile that: "never again in Chile would people be allowed to work in such inhumane conditions." Reports from Chile stress that the mine violated the law in failing to have a second entrance to the mine (which would have greatly reduced the risk of the miners being trapped by the collapse of a portion of the shaft). Local officials have claimed that the only way the mine owners could have gotten away with such an obvious violation of the safety rules was through bribery of the regulatory officials.

    Reports from Chile also state that the mine did not have the required ladder that would have allowed the workers to escape the mine in the immediate aftermath of the collapse through a ventilation shaft that subsequently became inaccessible. The "innovation dynamic" that was "everywhere" in the Chilean mine due to the profit motive also explains why the ladder was not there. To sum it up, the miners wouldn't have had to be rescued but for the perverse incentives of that unregulated capitalism inherently produces (which is what Obama warned about). (The governmentally-owned coal mines in China also have a far better safety record than the private Chinese coal mines.)

    Once the mine shaft collapsed in Chile, the private mining company declared that it not only could not pay to rescue the miners -- it could not even pay their wages. The private company threatened to file for bankruptcy. The rescue was paid for by the State-owned mine (i.e., the Chilean government had to bail out the private mine owner to the tune of an estimated rescue cost of $10 to $20 million in order to rescue the miners). A $25 ladder apparently would have prevented the tragedy, but the private owners' profit motive led them to avoid that expense. The Chilean mine had gold and copper ore. Both of those minerals are selling for record prices. This makes the private mining company's failure to provide another exit and a ladder all the more outrageous. Where did the profits go? Capitalism would have left the miners to die. The government paid to rescue the miners.

    Mr. Henninger is right to advise that we should "ask the miners" -- because that is exactly what the private mine and Mr. Henninger failed to do. The private mine ignored the miners' warnings about the inadequate safety of the mine. The government of Chile did not listen to the miners' union on safety issues. And the miners' families sued the private mine owners -- blaming them for the collapse that nearly killed them.

    When we prevent a corporation from engaging in fraud or endangering its workers we do not harm capitalism, but rather save honest businesses from being driven from the marketplace. Akerlof demonstrated in 1970 -- forty years ago -- that control frauds can produce a "Gresham's" dynamic in which the markets drive ethical firms and professionals out of the marketplace. When cheaters prosper, markets become perverse. Effective regulators serve as the "cops on the beat" that allow honest firms, workers, lenders, investors, consumers, and taxpayers to prosper.

    William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist and was a senior financial regulator. He is the author of The Best Way to Rob a Bank is to Own One.

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  • Band of Bigots: Dr. Sarrazin, Herr Henkel, and Bank of America

    Sep 8, 2010William K. Black

    euro_banknotes-150Calling on Bank of America to stand up to offensive ideas.

    euro_banknotes-150Calling on Bank of America to stand up to offensive ideas.

    On February 6, 2010, I wrote an open letter to Dr. Walter E. Massey, who was then Chairman of the Board of Directors of Bank of America. Dr. Massey is also President, emeritus, of Morehouse College. The context was that B of A has long retained Herr Henkel to create their team of senior business advisers for its operations in Germany. Henkel is a prominent German businessman who ran Germany's top business association (loosely equivalent to combining our Chamber of Commerce and Business Roundtable). Dr. Thilo Sarrazin's verbal assault on Arabs, Turks, and Muslims (and bizarre gratuitous claims about Jews) prompted my letter. Henkel issued a manifesto endorsing Sarrazin's claims. Henkel chose as his title for his manifesto a phrase that emphasized that he agreed with Sarrazin's attacks on Arabs, Turks, and Muslims and his bizarre statements about Jews without the slightest reservation ("without" any "if" or "but").

    Henkel, independently, proceeded to blame the global financial crisis on loans to African-Americans and bemoaned the end of "red-lining" -- the deliberate discrimination by lenders based on race. Sarrazin had dismissed Arabs and Turks as capable only of working as "fruit and vegetable vendors." I wrote my open letter to Dr. Massey to remind him that B of A began as the Bank of Italy. The Bank of Italy was proud and eager to have Italian Americans who worked as fruit and vegetable vendors as its customers. I called on B of A to fire Henkel and review the team of advisors he had selected. I never received a response from any B of A representative and it appears that B of A continues to employ Herr Henkel and his team as its senior advisors in Germany.

    Sarrazin is a major player in Germany. He is a member of the German central bank (and in the German context that is a far more exalted institution than the U.S. Federal Reserve). Moreover, Sarrazin is a Social Democrat, the major German party on the Left. The German central bank chastised Sarrazin for his prior rant and constrained some of his functions. Sarrazin, however, has now followed up with a book -- and public comments about its thesis -- that renew his attacks on Arabs, Turks, and Muslims. He also made new, equally gratuitous and bizarre claims about Jews. (He states that all Jews share certain genes. All humans share certain genes. Actually, all humans and all potatoes share some genes. And this proves what? That each of us, including Sarazzin, is a Kartoffel Kopf?)

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    The German government appears to be getting ready to remove Sarazzin from the central bank. That is a big deal. Germans take pride and comfort in their central bank's independence. It is very difficult under their system to remove a member of the central bank. The difficulty is compounded because the party in power is the rival party to the Social Democrats. Removing Sarazzin will be deeply embarrassing to the Social Democrats. But the greatest difficulty is that many Germans agree with Sarrazin.

    Germany's senior leaders are willing to take extraordinary, painful steps to end the disgrace that Sarazzin has brought upon the central bank and the nation. B of A, by contrast, can fire Henkel for cause, save money, and receive far better business guidance on lending from non-bigots. Only a handful of Americans share Henkel's nostalgia for the return of red-lining. So, what is B of A's excuse? Does Henkel's bigotry represent the values of B of A's senior leadership in Germany and the United States?

    Americans and Germans share a great history with terrible dark aspects. We know our histories. We know how disastrously bigotry ends if it is not stopped. We know that bigotry is built on lies and that scientific racism is an oxymoron propagated by regular morons.

    William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist and was a senior financial regulator. He is the author of The Best Way to Rob a Bank is to Own One.

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  • Sport: The Gay Antidote?

    Aug 16, 2010William K. Black

    sport-soccer-ball-band-aid-150

    Gay bashers pedal yet another specious theory: homosexuality as effeminacy syndrome in need of a sporting cure.

    sport-soccer-ball-band-aid-150

    Gay bashers pedal yet another specious theory: homosexuality as effeminacy syndrome in need of a sporting cure.

    Waymon Hudson's column, "Karate Kick the Sissy Out of Your Son: Gay Panic as Advertising," rightly excoriates a Key Biscayne karate "academy" for urging parents to sign their sons up in order to ensure that they will not become gay.

    In the kind of "academy" I inhabit, the hucksters make the same pitch. Notre Dame law professor Gerard Bradley put himself in the news recently by claiming that Judge Walker should have removed himself from deciding the challenge to constitutionality of Proposition 8 because the judge was "openly gay." What few know is that Bradley's key ally in the campaign to prevent homosexuality claims that sport is the gay antidote.

    Bradley co-edited Same Sex Attraction: A Parent's Guide with Fr. John F. Harvey, the director of Courage, a Catholic homosexual-recovery agency (as described by their publisher). Bradley and Fr. Harvey want to help parents prevent their children from engaging in gay sex and, wherever possible, turn them into heterosexuals. Bradley and Harvey also select articles for their guide from the leading Catholic therapists who advertise that no one need be gay. They can, through therapy, make you straight. The common theme is that gays are insufficiently manly. This is supposedly evidenced by their lack of athletic interest and skills. Their athletic deficiencies result from being alienated from their fathers and made effeminate by their overbearing mothers, which impairs their ability to bond with heterosexual boys on the playing fields. It follows that sport is the path to converting gays to manly men. (Does the opposite work for lesbians? Should you take a hacksaw to their aluminum softball bats to save them from eternal damnation?)

    It turns out to be difficult for these gay straighteners to use sport to create manly men. "Courage" runs four-day sport camps for gays (lesbians are not permitted to attend; $335 for early bird registration). They promise that the camp will be a "life changing experience." The camp needs to get the guys away from their effeminate backgrounds. It advises them: "You can leave your bed linens, and for that matter, security blankets and apron-strings behind." Sport is the path to salvation:

    For many men with SSA [Same Sex Attraction], childhood memories of competitive sports can be sparse or worse, filled with shame and trauma. It's what's called "the sports wound."

    We offer a safe and supportive environment for men to learn the rules, gain the skills and compete with their teammates in softball, flag football, volleyball and basketball.

    ("The sports wound": Do Catholic gays have stigmata? Seriously, this is supposed to be a scientific term?) "Courage" fears, however, that three full days of sports isn't really a "life changing experience." They are worried that the camp will become a sex camp. The rooms and the showers are all singles. Campers must pledge in writing that they will remain "chaste" during and after the camp, encourage other campers to remain chaste, and "practice modesty in my attire, speech and action." (Spandex is the devil's fiber -- and fabric blends violate Leviticus 19:19 and Deuteronomy 22:11). There's no karate or real football (too much bodily contact). Indeed, the camp offers mostly faux-manly sports like flag football and softball. Campers are forbidden to bring cleats. The sports are an excuse for a nightly "PAR-TAY":

    Join Us

    Have some fun! Every evening we have our fellowship (aka PAR-TAY!)
    .

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    The 2010 Courage sports camp flyer from which I've been quoting is the newly improved variant. In prior years, the camp issued this invitation:

    Saturday night after the Sports Camp championship... join us, as we celebrate with cigars and cognac.

    Yes, Courage's model of manly men was a London club for 80-year-old aristocrats bemoaning the loss of the empire. (The camp now bans alcohol lest things get out of control.) The folks writing the new flyer try their best to appear hip by offering manly clichés, but they can't pull it off:

    Help us spread the word by requesting flyers or mimeograph this flyer for each member of your local Courage chapter.

    "Mimeograph?" The last time I saw a working mimeograph was decades ago. The testimonials they chose from former campers also seem like a parody of the manly-man stereotype the camp seeks to instill. (The punctuation and spelling is as shown in the flyer.)

    Greetings my brothers!

    SCE 2006 has given me the courage to leave the plateau on which I've been for some time and press on to higher ground. Thank you all for accepting me as a MAN DOING MANLY THINGS!

    Your new friend,

    -J

    Yo-

    The Sports Camp East 2006 was nothing short of amazing, incredible, powerful and anointed!!!! Did I use enough adjectives, bro!!!?? I would not hesitate for a moment in recommending it.

    The training and coaching was great, the fellowship sweet. The worship was anointed, especially Sunday morning's service. The men sang accapella in Latin, the holiness, reverence, and humility moved me to tears.... thought I was going to lose it there for a minute!!!

    Your bro,

    -R

    Dear C-MAC,

    I just wanted to drop you a note and say "Thank You" for this weekend. Although I am 43 years old, I believe that this was the most fun I have ever had in my life. And meeting all of the guys from Courage was a great blessing. Luckily my final connection was dark and almost empty, since I sat in the back and wept for almost the entire hour.

    Sincerely in Christ

    -D

    If Courage wants its sports camp to create stereotypical manly men, it must first hire Tom Hanks and have him teach the campers the fundamental rule: "There's no crying in baseball!"

    William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist and was a senior financial regulator. He is the author of The Best Way to Rob a Bank is to Own One.

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  • Algebra for Dummies: Mathematical 'Proof' of the Inferiority of Homosexuals

    Aug 13, 2010William K. Black

    numbers-150Bill Black debunks a law professor's tortured attempt to rationalize homophobia.

    numbers-150Bill Black debunks a law professor's tortured attempt to rationalize homophobia.

    Most forms of open revulsion for despised minorities have been banished from academic literature. But the academic campaign against rights for gays is proud about its descent into ever more virulent attacks on gay people and homosexuality.

    One stream of the attacks seeks to prove that gays and homosexual are inferior. The effort has been lead primarily by ultra-traditional Catholic scholars that have attempted to create a "new natural law" that would support the traditional Catholic positions on sex  --  that masturbation, all gay sex, contraception, all sex between unmarried adult straights, and oral and digital sex by straight married couples are all grievous sins. However,  George W. Dent, Jr., a law professor at Case Western Reserve University who believes that gay marriage is a threat to heterosexual marriage, points out what he views as disabling difficulties in these efforts by Catholic scholars. The premise of natural law is that it is "natural." That implies that thoughtful people, regardless of cultural or ethnic background, will form a consensus in support of the natural law principles. The concept of natural law is that it arises from humans' intrinsic moral principles. But humans overwhelmingly reject many of the principles of the purported natural law. Dent explains:

    Although this doctrine is not overtly religious, all its leading proponents are Roman Catholics, and it contains elements that most Protestants and Jews reject, such as treating sex with contraception or any sexual act other than vaginal intercourse within marriage as immoral.

    Catholics' actual sexual practices overwhelmingly reject many of the principles of the purported new natural law. Most Catholics masturbate, use contraceptives before and during marriage, engage in heterosexual sex prior to marriage, and engage in oral and digital sex before and during marriage. Virtually all Catholics engage in forbidden heterosexual sexual practices during their lives. They do not, as a group, display disabling guilt despite violating Church doctrine. Gay Catholics virtually all engage in homosexual sex. Dent concludes that the "new natural law" is "arbitrary" (its convoluted structure arises from the imperative of accommodating a Catholic doctrine that Dent finds incoherent). Dent finds that the new natural law is not new, natural, or a sound basis for law.

    Dent is also frustrated with the Catholic scholars' admission that there is no way to use the "new natural law" to prove the superiority of heterosexuals:

    Like any value system, the Catholic natural law doctrine of human sexuality can be neither confirmed nor refuted as can a mathematical computation.

    Dent seeks to remedy both deficiencies in his July 2010 article, "Straight Is Better: Why Law and Society May Legitimately Prefer Heterosexuality". The article is a lengthy, impassioned attack on gays as depraved. That is the subject for another day. This essay addresses Dent's algebraic proof of the superiority of heterosexual marriage.

    [H]omosexuality cannot create human life or the biological family. This point can be stated algebraically. Designate a committed, loving relationship between any two adults as "A." Assume for the moment that homosexuals are just as likely to create such a relationship as are heterosexuals. Now designate the ability of two people to create human life -- an ability possessed only by a male-female couple -- as "B." If we say that the homosexual "married" couple is just as good as the traditional married couple, then

    A = A + B

    If this statement is true, then "B" -- the capacity to create human life -- is worth zero; it is worthless, of no value.

    Before taking on the algebra, the fundamental logic of this proof requires discussion. Dent's premise is that if society allows homosexuals in "committed loving relationships" to marry, we are saying that homosexuals are "just as good" as heterosexual couples. And according to Dent, that statement can only be true if the ability "to create human life" is "worthless." But marriage licenses have never represented society's determination that one couple is "just as good" as another married couple. Dent's contrary assumption about the test for marriage, essential to his "proof" of the superiority of heterosexuals, is baseless. Infertile heterosexual couples incapable of "B" have always been allowed to marry.

    Under Dent's algebra, the value of "B" is not constant. It varies enormously among heterosexuals and, over time, it disappears for every female heterosexual and fails for every male heterosexual if they achieve a normal life expectancy. Using Dent's formula, we can "prove" that more fertile heterosexual couples are superior to less fertile heterosexual couples, and that married heterosexuals become less valuable as they age. Menopause makes B = 0 for heterosexual couples -- unless they divorce while the male is still fertile and he remarries and gets his positive "B" back.

    Let's apply Dent's proof to other groups: let "A" have the same value as Dent assigned to it. Designate the ability to hear as "H." If we say that a loving couple that is deaf is "just as good" as a loving couple that can hear (A = A + H) then we are saying that the ability to hear is worthless. Anyone can play this game: apply Dent's formula by adding in a variable reflecting the ability to see, smell, run the 40 yard dash in under 6 seconds, dunk, speak Spanish, teach, suture, serve as a "point man" for an infantry patrol and sing -- or the willingness to adopt, serve as a firefighter, or volunteer to fill sandbags to stem a flood. Each of these skills and traits is valuable. One can imagine circumstances in which each of the skills could prove critical to a child's development or even the survival of a spouse, child, patient, or infantry platoon.

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    As soon as we recognize that marriage has more than two relevant variables, Dent's mathematical proof of the inferiority of homosexual marriage collapses. Individuals are complex, and couples that love each other are far more complex than individuals because their interaction is what matters. There are thousands of relevant variables that would have to go into any meaningful equation that expreses how valuable a couple's marriage will be to society. We cannot value the relevant variables at any given time, much less predict the future values of these variables. No one can demonstrate that homosexual married couples would be inferior to heterosexual married couples.

    If procreation is the good to be maximized, and if societal licensure really stimulated procreation, then we should bestow a special legal license for each child born. Dent's proof would become: Let "A" have the same value as Dent assigned to it. Let K = ∑"K1"+ "K2" + ... "Kn" (K = the cumulative value of each child born to the couple.) If we were to say that A = A + K, then we would be saying that children are worthless. Since Dent assumes that children have a positive value, and that having more children adds more value, if follows that married couples that produce children are superior to married couples that do not produce children, and that married couples that produce two children are superior to those that produce one child (and this progression continues).

    Dent has an additional problem if he is correct that procreation is the societal goal justifying marriage. Homosexual marriage would increase procreation. Homosexual marriage, therefore, should be good for society under Dent's logic. Dent's attempt to respond to the internal inconsistency of his argument forces him to take ever more extreme positions:

    Some adults created by artificial insemination have sued for the right to know who their fathers are, but does that go far enough? They have already been denied the right to grow up with their real parents. If that happened because their guardians had bought or stolen the child from the parents, we would consider the child gravely wronged and injured. How is the child any less wronged or injured by artificial reproduction?

    Dent's consuming passion is preventing homosexual marriage. Because homosexuals generally reproduce via artificial insemination, Dent must oppose artificial insemination. But Dent cannot oppose artificial insemination only when it is used by homosexuals without displaying obvious bias. Dent is forced into taking the position that all artificial insemination should be outlawed on the grounds that the children are better off never being born. This requires Dent to assert that biology is everything. Adoptive parents are not "real parents" and artificial insemination means that children are "stolen" from sperm donors. Banning artificial insemination would enrage millions of heterosexuals with fertility problems and prevent hundreds of thousands of them from having children, but Dent's rage against homosexuals is so great that he's willing to consign heterosexuals with fertility problems to what he terms "sterile" relationships if it helps him block same sex marriage.

    Dent's second argument is one he makes at great length, with strong rhetoric -- but no facts.

    [R]ecognizing SSM [same sex marriage] will profoundly change the meaning of and respect for marriage and severely impair its benefits.

    The inability of opponents of same sex marriage to support these claimed "profound" and "severe" harms to heterosexual marriage has always been their Achilles' heel. The title of the "Defense of Marriage Act" (DOMA) is pure propaganda. It is the Denial of Marriage Act. The irony is that while Dent's algebraic proof of the superiority of heterosexual marriage fails to support that claim, it does refute his assertion that same sex marriage will harm heterosexual marriage. Dent claims that the (purportedly) unique value of heterosexual marriage represents the sum of two benefits: A + B where "A" represents "a committed, loving relationship between any two adults" and "B" represents "the ability of two people to create human life." Same sex marriage cannot impair "the ability" of heterosexuals "to create human life" (though Dent's demand that artificial insemination be banned would impair the ability of millions of Americans "to create human life"). So, "B" is unaffected by same sex marriage (but reduced by Dent's proposal to bar artificial insemination). "A" is also unaffected by same sex marriage. There is no reason why heterosexuals will be unable to form "a committed, loving relationship" because homosexuals marry. However, if Dent is correct that the birth of children, particularly the birth of a child with some genetic link to the couple that will raise that child, does strengthen a couple's "committed, loving relationship," then Dent's proposal to ban artificial insemination will reduce the value of "B" for millions of heterosexuals and homosexuals. Dent's proposals reduce the total value of marriage to society under his mathematical formula.

    William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist and was a senior financial regulator. He is the author of The Best Way to Rob a Bank is to Own One.

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